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Daily Digest

Quince Road Shell Station Sells for $1 Million

The Shell gas station and convenience store at 5665 Quince Road in East Memphis has sold for $990,000.

A Collierville-based entity called 5665 Quince Rd LLC bought the 3,080-square-foot store in a July 29 warranty deed from New Century Properties and Investment LLC of Bartlett. That company had bought the property earlier this year for $350,000 from Paik Enterprises Inc.

Built in 1966, the gas station and convenience store sits on 0.6 acres along the south side of Quince Road at its intersection with Yorkshire Drive. It is an outparcel of the Yorkshire Square Shopping Center.

The Shelby County Assessor of Property’s 2013 appraisal is $314,700.

In conjunction with the purchase, 5665 Quince Rd filed an $850,000 loan through First Capital Bank. Anwar Aman signed the trust deed as chief manager of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Triumph Bank Acquires Merchants & Planters Mortgage Unit

M&P Bank Home Loans is a Collierville-based mortgage lender, with offices also in East Memphis and Little Rock. Triumph is picking up M&P Bank Home Loans and Community Bankers Mortgage Group, divisions of Merchants & Planters Bank. Triumph will bring the mortgage operations of M&P Bank Home Loans under its Triumph Mortgage Division and will keep open the existing offices in Collierville, East Memphis and Little Rock. That, in effect, more than quadruples Triumph’s mortgage staff, from five to 22.

Because it boosts mortgage resources and staff significantly, the deal is a big one for Triumph. It’s also another example of how the bank has followed a strategic growth plan over the last few years that has resulted in Triumph tripling its assets.

Triumph also has seen 14 straight profitable quarters and was recently named the top small business lender in Tennessee by the U.S. Small Business Administration.

– Andy Meek

American Home Shield to Expand Sales Team

American Home Shield, the home-warranty division of Memphis-based ServiceMaster Co., plans to add to its real estate field sales team by the end of 2013.

Metropolitan Bank Hires Two in Memphis

David Hertlein has joined the bank as a mortgage specialist, and Stephanie Maness is the newest client services adviser. Both are working in Metropolitan’s Poplar Avenue office.

Hertlein previously was with Community Mortgage in Memphis and has more than five years’ experience originating mortgage loans.

Maness joined Metropolitan with more than 24 years of banking experience. Previously, she was with SunTrust Bank, where she worked as a personal banker and an assistant bank manager.

– Andy Meek

Bigfish Teams Up With Center for Southern Folklore

Local creative agency Bigfish is teaming up with the Center for Southern Folklore to sponsor free music during Elvis Week by bringing Austin, Texas-based artist Elsa Cross to play in Memphis.

Cross is playing a show at the center, 123 S. Main St., Thursday, Aug. 15, at 7 p.m. The show is free, though the center welcomes donations to fund its operations.

– Andy Meek

Bredesen, Frist to Co-Chair Leadership Committee

Former Tennessee Gov. Phil Bredesen and former U.S. Senate Majority Leader Bill Frist will co-chair the U.S. Global Leadership Coalition’s Tennessee state advisory committee.

The panel intends to raise awareness of the important role U.S. foreign policy plays in Tennessee’s economic growth and security.

Tennessee is a national leader in foreign investment, and in 2011 alone the state exported $30 billion in goods and services.

The USGLC will also host a luncheon event with U.S. Sen. Bob Corker, ranking member of the Senate Foreign Relations Committee, in Nashville on Aug. 22 from 11:30 a.m. to 1 p.m. at the Renaissance Hotel. The luncheon is free and open to the public.

– The Associated Press

Arkansas Voters May See Multiple Marijuana Proposals

Arkansas voters could potentially see multiple attempts to legalize medical marijuana on the ballot next year.

Two groups are vying to put similar proposed initiated acts before voters in 2014.

This week, Attorney General Dustin McDaniel certified the popular name and ballot title of a proposal from Arkansans for Responsible Medicine. That organization plans to start gathering signatures in an attempt to qualify for a spot on next year’s ballot.

McDaniel on Tuesday also rejected a similar proposal from another group, Arkansans for Compassionate Care 2014. A spokeswoman for that organization says the group plans to address what McDaniel said were ambiguities in the proposal and resubmit another similar measure.

– The Associated Press

Obama, Tech Leaders Discuss NSA Concerns

President Barack Obama has met with executives from tech companies including Apple Inc. and AT&T Inc. about concerns stemming from the disclosure of sweeping government surveillance programs.

The White House says the Thursday meeting was part of an ongoing effort to engage on privacy issues and the proper balance with national security in the digital age. Privacy groups also attended the meeting, which wasn’t on Obama’s public schedule.

AT&T CEO Randall Stephenson and Apple CEO Tim Cook attended, as did Google executive Vint Cerf. Civil liberties groups including Public Knowledge and the Center for Democracy and Technology were also invited.

The meeting comes two days after other top White House officials met with tech industry representatives and privacy groups to discuss similar concerns.

– The Associated Press

US Wholesale Stockpiles Fall 0.2 Percent in June

U.S. wholesalers cut their stockpiles in June for a third straight month, even as their sales rose again. The combination suggests businesses have underestimated demand, a trend that could lead to stronger economic growth in coming months.

The Commerce Department said Friday that wholesale stockpiles fell 0.2 percent in June from May. That follows a 0.6 percent drop in May – the biggest in 20 months – a modest 0.1 percent decline in April.

Wholesalers haven’t shrunk their stockpiles for three months or longer since September 2009, which was three months after the Great Recession ended. The decline shows that many remain cautious and are keeping inventories lean, despite three straight months of solid sales growth.

In June, sales at the wholesale level rose 0.4 percent. That followed a 1.5 percent increase in May.

Stronger sales could lead to more restocking in the July-September quarter and drive more economic growth. Faster growth in stockpiles means companies are ordering more goods from U.S. factories.

Economists expect the growth rate to be revised much higher after a report this week showed U.S. companies exported a record number of goods in June.

Earlier this week, some analysts predicted that second-quarter economic growth could be as strong 2.5 percent at an annual rate. But the weaker inventory growth may now reduce those more lofty estimates, albeit only slightly.

Jim O’Sullivan, chief U.S. economist at High Frequency Economics, said he now expects overall economic growth will be revised up to a rate of around 2.3 percent.